Gap’s UK losses have become worse amid falling sales and the closure of its local Banana Republic stores.
According to accounts filed at Companies House, pre-tax losses for the US-based fashion retailer increased from £19.4 million to £20.2 million for the year to January 28.
Meanwhile, total sales across the group slumped by almost 10 per cent from £306.7 million to £276.3 million, high street like-for-likes fell sharply by seven per cent.
Gap’s outlet stores were the brand’s glimmer of hope, with like-for-likes climbing eight per cent.
The retailer said one of the reasons why it has had another bad financial year is because of the closure of 15 loss-making stores, including all eight of its Banana Republic shops after it decided to withdraw the fascia from the UK market.
Click here to sign up to Retail Gazette‘s free daily email newsletter
